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LÉVY-STABLE PRODUCTIVITY SHOCKS
Published online by Cambridge University Press: 01 June 2008
Abstract
In this paper, we analyze the distribution of TFP growth rates at the four-digit sectoral level for the United States. We find that, contrary to the usual assumption employed in the literature on business cycles theory, technological shocks are not normally distributed. Instead, a Lévy-stable distribution with a divergent variance returns a better fit to the data.
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- Copyright © Cambridge University Press 2008
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